Bulletin No. 2007-9 February 26, 2007

(2) applies only to certain employees and former employees who are not corporate insiders, and were not corporate insiders at the date of grant of the stock right, (3) requires the employer’s full payment of the section 409A taxes, (4) provides relief for the employees from the requirement to pay these taxes, and (5) requires treatment of the employer’s payment of the employee’s section 409A taxes as an additional payment of compensation. Employers wishing to participate in the Program must notify the IRS no later than February 28, 2007, and must notify affected employees within 15 days of notifying the IRS.

EMPLOYEE PLANS

T.D. 9310, page 601. Final regulations under section 412(l)(7) of the Code provide mortality tables to be used in determining current liability for purposes of applying certain pension funding requirements.

Notice 2007–18, page 608. This notice provides guidance under section 4965 of the Code to tax-exempt entities described in section 4965(c) regarding whether they are parties to a prohibited tax shelter transaction. This notice also provides guidance to tax-exempt entities described in sections 4965(c)(1), (2), and (3) subject to tax under section 4965(a) regarding the allocation to various periods of net income or proceeds attributable to a prohibited tax shelter transaction. In addition, the notice invites comments from the public regarding all aspects of these provisions.

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Notice 2007–20, page 610. Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for February 2007 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

EXEMPT ORGANIZATIONS

Notice 2007–18, page 608. This notice provides guidance under section 4965 of the Code to tax-exempt entities described in section 4965(c) regarding whether they are parties to a prohibited tax shelter transaction. This notice also provides guidance to tax-exempt entities described in sections 4965(c)(1), (2), and (3) subject to tax under section 4965(a) regarding the allocation to various periods of net income or proceeds attributable to a prohibited tax shelter transaction. In addition, the notice invites comments from the public regarding all aspects of these provisions.

ADMINISTRATIVE

Rev. Proc. 2007–21, page 613. This procedure provides guidance to persons against whom a penalty under section 6707 or 6707A of the Code is assessed, and who may request rescission of those penalties from the Commissioner if the violation is with respect to a reportable transaction other than a listed transaction. This procedure describes the procedures for requesting rescission, including the deadline by which a person must request rescission; the information the person must provide in the rescission request; the factors that weigh in favor and against granting rescission; where the person must submit the rescission request; and the rules governing requests for additional information from the person requesting rescission.

Announcement 2007–21, page 630. This document contains corrections to final regulations (T.D. 9276, 2006–37 I.R.B. 423) that provide for determining the amount of income tax withholding on supplemental wages. The regulations apply to all employers and others making supplemental wage payments to employees.

Announcement 2007–22, page 631. This document contains corrections to final regulations (T.D. 9263, 2006–25 I.R.B. 1063) relating to the deductions for income attributable to domestic production activities under section 199 of the Code.

February 26, 2007 2007–9 I.R.B.